Soyabean On NCDEX Settled Up By 1.2% At 3115

Soyabean on NCDEX settled up by 1.2% at 3115 on expectation of strong demand from processors amid lower arrivals in the markets. The arrivals are likely to be steady to moderately lower amid expectation of pickup in demand from oil millers and crushing units. The crush margin is hovering in the positive zone amidst the prevailing prices of soybean at domestic physical markets. As per market participants demand of soymeal at Rs 23,000 per tons is likely to fade if the price of broiler chicken does not increase at least by around Rs 10-15/kg. SOPA said in a press release said that India's 2016-17 soybean output is expected to rise by 64.14% to 11.4 million tons on favourable weather condition.